Vehicle Financing Data
To get cash for a car in Mogadore, Wadsworth or Green, we are available 6 days a week. Those seeking old car scrap should contact Barberton Junk Cars regardless of whether located in East Akron, Firestone Park or Highland Square. We buy scrap cars in any condition; therefore, our auto buyer will provide a “fast cash for cars” price quote right over the phone. The price for a damaged car can vary based on several factors. We take cars for cash throughout Cuyahoga Falls, Norton and Copley with fast same-day pick up. Our next topic discusses how changes in the way consumer credit is reported are impacting the world of auto lending. On December 2, 2015 Hannah Lutz posted an article titled ‘Credit data changes spur loan growth’ with the following highlights: “The rising number of auto loans could in part be a result of changing credit scoring methodologies and the use of alternative data. Credit bureau data consistently show that auto loan balances and originations are growing. Experian says total auto loan debt reached $968B in the 3rd quarter, up 11% from the year-earlier period. Meanwhile, Equifax reported that through July auto originations reached $341.B, up 9% from the first seven months of last year. Robust U.S. auto sales, coupled with dealers & lenders expert at their business, likely accounted for most of the auto loan increase. But changes in how credit data are evaluated also may have spurred the gain. Before the 2000s, all lenders were limited to a FICO model used to score the risk on most loans because it was the only credit scoring company. That model used data that did not score positive rental payments but did score medical collection accounts. As a result, lenders had less ability to assess consumers with limited credit histories than they have today.
In 2006, Equifax, Experian and TransUnion formed a joint venture — VantageScore — that incorporated rent, telecommunications services and utility data into credit scores. (FICO followed suit in 2014.) By 2010, VantageScore was using 45 million credit files, about double its previous amount, to predict & assess creditworthiness. By 2014, both FICO and VantageScore ignored paid medical collections. Today, VantageScore and FICO have bins dedicated to consumers with thin credit files. About 10M of VantageScore’s “new score” customers are near prime & subprime because of more predictive data. New-score customers are those who just entered the credit market, use credit infrequently, have no recent activity or have no open trades. Over 9M Hispanics & African American consumers that were not previously can now be scored.
Lenders also use alternative data to identify consumers’ monthly payments that the credit bureaus don’t account for. They also verify income & job tenure using employment data services. Traditionally lenders have used consumer-provided pay stubs to confirm income. Using verified income & alternative data provides the complete picture of a consumer’s financial standing, allowing lenders to see consumers’ true income, payment obligations & other attributes. There are multiple factors contributing to a strong auto lending market. Contributors are heightened vehicle sales and savvy dealers and lenders.” The complete article is available at this link.
We Buy Scrap Cars
At Barberton Junk Cars we buy scrap cars and process old car scrap throughout the Chapel Hill area, Ellet and Kenmore. Those looking to get cash for a car quickly in the regions of Monroe Falls, Stow and Kent are encouraged to call (330) 732-JUNK. Residents of Silver Lake, Medina and Springfield Township, can get cash for a car and be relieved of being saddled with old car scrap. Our junk vehicle buyer is anxiously awaiting your call!